The recent lackluster market conditions over the past few days are partly due to large transfers by Bitcoin whales in the top ten addresses, causing panic selling that impacted the decline of BTC and dragged down the overall market. On the other hand, the tariffs imposed by the 'understanding king' and the short positions taken by Ethereum whales have also contributed to the recent sluggish market, which has been in a downward trend.
However, these messages have a lagging effect; by the time we see them, the market has often already moved ahead (this is also what capital wants us to see). Therefore, there isn't much room left for further declines. It is quite normal for a bull market to experience some profit-taking. With continuous inflows into ETF spot markets and institutional investors increasing their positions, the bottoms are getting higher and higher. Our trading strategy should primarily focus on buying on dips.
Yesterday's CPI data was released in line with expectations (which is a positive sign), leading to a brief rally in the market. However, there was significant selling pressure at the opening of the US stock market, causing Ethereum to plummet to around 2970.
As the selling pressure from the US stock market opening has mostly been digested, large buy volumes are entering the market. Ethereum has established a bottom and rebounded, with the hourly chart showing a double bottom around the 2950-2970 range, forming a new short-term support level that is starting to stabilize.
Thus, decisively entering ETH long positions around the 2960 level aligns with the trend. There is strong selling pressure at 3050 in the short term, so I chose to take profits for now and wait for a new entry point.
Recent points of interest: SOL [speculating on ETF spot] $ETH $SOL
